Wednesday, July 21, 2010
As an attorney, James S. Henry, former chief economist at McKinsey and Co, and now an investigative journalist who has spent 10 years researching corruption
between 1970 and 2003, over three trillion dollars loaned to developing countries by First World banks and governments disappeared, leaving "little to show... except giant white elephant projects, widespread corruption and private elites that had learned to stash much of their liquid wealth back in the First World".
gigantic aid projects...which typically went hideously over-budget and involved widespread corruption and environmental destruction.
1992, experts at the World Bank and the International Monetary Fund came up with the Washington Consensus, that a new agenda for global trade and aid was established that was to cripple the economies of the developing world even more...than the "white elephants ...this agenda of 'free trade' and 'neo-liberalisation'